Oyo’s fund-raising rally shows no signs of stopping. The budget hotel startup has now raised a fresh $100 Million from Chinese ride hailing behemoth, Didi Chuxing. The raise is a part of the $1 Billion fund-raise that the company has been doing for quite some time now. The round has come to close, with Oyo being valued at $5 Billion.
There has been non official release of the fund-raising round from both sides of the table. ET however reports, that the investment has come in via Didi-controlled entity Star Virtue Investment.
For Oyo though, Did Chuxing isn’t really the first company to invest in it, despite being a startup itself. Singapore HQed Grab made a similar $100 Million contribution last year, as a part of the $1 Billion fund-raise that Oyo has just concluded.
According to multiple media reports, while there is no specific demarcation of funds as to where will the money go, Didi Chuxing’s interest is inclined towards Oyo Jiudian — the Chinese arm operated by Oyo Rooms. Oyo has been aggressive about its international business off late, and their bets seem to be paying of as of now.
A spokesperson for Oyo told ET, “$900 million was closed back in the quarter ended December 2018 and we have also received the balance $100 million as disclosed in the RoC filings. We do not have any further comments.”
Firoz joins The Tech Portal to report on all stuff that relates to developers and their community. He is actively involved in multiple startups, helping them build and develop modern web products.